18 days to Jan. 31: CBN intensifies public awareness on new Naira Notes

By Favour Nnabugwu

 

 

 

Eighteen day to the end of old Naira notes to January 31, 2023,  the Central Bank of Nigeria (CBN) has intensified its public awareness campaign, when the old notes would cease to be legal tender.

The three redesigned denominations of N1,000, N500 and N200 banknotes were unveiled on November 23, 2022, by President Muhammadu Buhari.

A team of officials from the CBN headquarters and their counterparts from the Abuja Branch took the campaign to Wuse Market, Abuja’s largest market, yesterday, to persuade traders and other members of the public to deposit their old Naira notes in their bank accounts before the deadline.

Mr. William Kareem who represented the Abuja Branch Controller, Mr. Michael Ogbu, justified the Naira redesign which he said became inevitable given the high level of hoarding of bank notes in the country.

He said, “Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

In recent times, however, currency management in Nigeria has faced several challenges that have continued to grow in scale and sophistication with unintended consequences for the integrity of both the CBN and the country. Some of these challenges primarily include:

“First, a significant hoarding of banknotes by members of the public, with statistics showing that ₦2.72 trillion out of the ₦3.26 trillion currency in circulation as of June 2022 was outside the vaults of commercial banks across the country, and supposedly held by members of the public.

“This statistic shows that 84.71 percent of currency in circulation are outside the vaults of commercial banks, with only 15.29 percent in the Central Bank and Commercial banks’ vaults.

“Second, is the worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;

“Third, there is increasing ease by criminals and risk of counterfeiting evidenced by several security reports received at the Central Bank of Nigeria.”

He identified the benefits of the currency redesign to include helping “to control inflation as the exercise will bring the hoarded currency into the banking system, thereby making monetary policy more effective.”

He added, “We believe that this exercise would help in increasing financial inclusion, moving towards a more cashless economy, and ensuring greater formalization of the Nigerian economy.

“The currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily.

In her remarks, Ms. Hauwa Ndayabo of the Currency Operations Department at the Headquarters said that the redesigned ₦200, ₦500 and ₦1000 banknotes had several features including enhanced security and would ensure greater durability.

Heir Life opens 11 additional outlets to meet customers’ demands across nation

By Favour Nnabugwu

 

 

Heirs Life Assurance (HLA), has opened eleven additional retail offices nationwide to enable the company meet the demand of it teeming customers across the country

The additional retail offices are in the following cities: Warri, Delta State; Benin, Edo State; Ilorin, Kwara State; Owerri, Imo State; Aba, Abia State; Enugu, Enugu State; Onitsha, Anambra State; Ibadan Oyo State; Port Harcourt, Rivers State; Yaba and Ikeja, Lagos State.

In a statement released by the firm’s Communications Manager, Timilehin Adebiyi, stated that the company attributes this rapid expansion to fulfilling its promise of accessibility by combining an expansive physical footprint with a robust digital presence aimed at democratising access to insurance.

The statement said an excellent customer experience drives the company’s dogged focus on accessibility, adding that beyond its physical offices, Heirs Life currently offers a 5-minute purchase experience via its website where customers can speak with a life insurance advisor and conclude purchase end-to-end all online, as part of its hybrid distribution channels.

Speaking on the additional outlets, the Managing Director/CEO, Heirs Life Assurance, Mr. Niyi Onifade stated that it is a deliberate move to take insurance closer to the uninsured and contribute to moving the scale on the percentage of insured individuals in the country.

According Onifade,  “The decision to expand our physical presence across Nigeria was driven by the company’s strategic goal to make insurance available and accessible to all and sundry.

“These cities present a vast economic opportunity for our intended customers and Heirs Life Assurance Limited wants to be there for them to provide the necessary financial security they need as they live and work.”

Heirs Life is also a subsidiary of Heirs Holdings, a pan-African investment group with a presence across four continents and 23 African countries

Since its launch into the insurance sector in June 2021, Heirs Life has continued to provide simple, quick, accessible, and reliable life insurance, retirement, and children’s education protection plans. HLA offers a wide range of personalised life insurance protection and investment plans that provide financial security to individuals and businesses.

Ghana’s inflation rises to 54.1% … Highest in 22 Years

 

By Favour Nnabugwu

 

 

Ghana’s annual consumer inflation rate rose to 54.1 percent in December 2022, the highest in 22-years.

The new figure, announced on Wednesday by the Government Statistician for Ghana, Samuel Kobina Annim, rose from 50.3 percent in November,

The latest inflation rate is the highest since April 2001, when it was at 59.7 percent.

Ghana’s statistics office attributed the hike to steep increases in food, transport, and housing costs.

It said prices rose the most in the category of housing, water, electricity, gas, and other fuels, increasing to 82.34 percent year-on-year.

Furnishings and household equipment came second at 71.52 percent, followed by transport at 71.42 percent, then personal care, social protection, and miscellaneous goods and services at 60.94 percent.
The agency said inflation for food and non-alcoholic beverages rose to 59.71 percent year-on-year.

It added that inflation for locally produced items was 51.1 percent, while that of imported items stood at 61.9 percent.